The article deals with the problems of foreign exchange controls application in modern case law. The different concepts, doctrines and opinions expressed by famous private international law specialists are analyzed. Much attention is given to the analysis of court decisions in this area. The author also searches some provisions of IMF Agreement, which are used by tribunals for the foreign exchange controls application. It is accented that arbitration practice in this regard is quite contradictory and inconsistent. It is specified that different understanding of the «exchange contract» term causes a lot of confusions in modern litigation and arbitration practice.